Pancontinental Energy NL (PCOGF)

[buxmaker]

Bullish recent article in Upstream-

Golden block ready to shine: TotalEnergies set to take champagne off ice after latest tests as giant Namibian oil discovery

"Early results from debut drill stem tests on potential 5 billion barrel discovery are positive.

Initial results from a critical production test being run on the offshore wildcat that discovered TotalEnergies’ huge Venus oilfield in Namibia’s prolific Orange basin, are promising, according to well-placed sources. Venus could be Sub-Saharan Africa's biggest ever offshore oil discovery, with Namibian state oil company stating recently that it is currently estimated to hold 5 billion barrels of oil in place. If more oil is found to the west - a drilling campaign is underway - then this resource estimate could feasibly approach 12 billion barrels...

Northern Ocean’s semi-submersible rig Deepsea Mira is currently on location at Venus-1X carrying out drill stem tests, with Upstream told by informed sources that early results are positive. One source said the partners “aren’t disappointed” by the results so far, which implies they have at least met expectations in terms of the reservoir quality and producibility. Another contract said at least two flow tests were run over the last week or so, with gas flowing to the surface on both.

The first is believed to have been carried out on 5 September, while the second was run in the early hours of 7 September. A knowledgeable source told Upstream that “testing is soon to be completed”.